A topic becoming more and more popular in the business realm today is the differences of Generation Y, otherwise referred to as Millennials, and the rest of the workforce. The needs, wants, and leadership styles of Generation Y are drastically different from earlier generations; this is causing a great shift in the way businesses operate around the world. Generation Y is the generation born between the 1980’s and early 2000’s. Millenials are currently working in the business world and will continue entering for years to come. It is vital for companies everywhere to learn and adapt in order to retain Generation Y employees.
First and foremost, companies need to rethink employees’ movement through the company as a lattice rather than a ladder. Millenials are less concerned with moving up the ladder of a company and having set role descriptions as they are with moving around and growing as a broad business leader. This will lead to a well-rounded workforce that can successfully operate in many different functions and many different companies, preparing employees for the increasingly global business world.
Secondly, Generation Y thrives off inclusive work environments. Companies need to embody this and develop ways to encompass inclusiveness into everyday work environments. By creating a workplace that welcomes people of all different background and cultures, it is proven to lead to more successful work teams and businesses. Generation Y is increasingly global, many of these workers are not satisfied with working in one location, they want to go explore the many different cultures and environments of the world. Cross-border migration has grown 42% in the last decade according to Ernst & Young’s research. This generation is driven to work in more challenging business conditions in an inclusive business setting. Companies around the globe will have to prepare for this transition and make work environments suitable for people of all backgrounds. Employers should also foster an environment where employees can work across borders with companies and employees from different countries. This shift will force globalization within companies all over the world.
Continuous feedback, recognition, and access to opportunities are some of the main wants of Generation Y. If organizations today can provide these to its employees, they will have a greater chance of retaining them, solving one of the growing problems in businesses around the world. The problem comes from the shifting labor force demographics. The shift is occurring within developed and emerging countries. In developed countries, the population is a lot older than that of the emerging countries. Emerging countries have a greater number of Generation Y employees leading to a surge in productivity and growth within companies located in these countries. To balance things out companies need to work on developing a workplace more feasible and comfortable to Generation Y employees.
Check out the Country Insights page to find further information on specific country cultures and economies. Also, please view the Market Research and Entry Modules for helpful information on globalizing a business and to learn about opportunities in the global marketplace.